EXHIBIT 10.90
ARIS INDUSTRIES, INC.
000 XXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
February 2, 1996
AIF-II, L.P.
c/o Apollo Advisors, L.P.
Two Manhattanville Road
Purchase, New York 10577
Attention: Xxxxxx X. Xxxxx
Re: Consent Pursuant to Series B Junior Secured Note Agreement
Gentleman:
Reference is made to the Series B Junior Secured Note Agreement dated June
30, 1993 (the "Note Agreement") between AIF-II, L.P. ("Apollo") and Aris
Industries, Inc. ("Aris", formerly known as The Marcade Group, Inc.) and the
Series B Junior Secured Note issued pursuant to the Note Agreement by Aris in
favor of Apollo dated June 30, 1993 in the original principal amount of
$7,500,000 (the "Note").
Please indicate the consent of Apollo to the Payment in Kind ("PIK") of the
quarterly interest payment under the Note due February 5, 1996 whereby such
payment will not be made in cash and instead shall be added to the principal of
the Note on such scheduled payment date. The Note shall then bear interest on
the increased principal amount. The Note Agreement and the Note are hereby
deemed amended to implement the foregoing.
AGREED AND ACCEPTED: Very truly yours,
AIF-II, L.P.
By: Apollo Advisors, L.P., ARIS INDUSTRIES, INC.
its General Partner
By: Apollo Capital Management,
Inc., its General Partner
By: /s/ XXXX XXXXXXX
-----------------------
By: /s/ XXXXXX X. XXXXX Xxxx Xxxxxxx,
-------------------------- Senior Vice-President
Xxxxxx X. Xxxxx,
Vice President
Date: February 2, 1996
